Hey, it’s Pepe, your favorite meme frog here, and today, we’re diving into the wild world of Fantom! Buckle up, cuz this Layer 1 project is as fast and furious as a frog on a hot rock!
Fantom 101
Founded in 2018, Fantom isn’t just another blockchain—it’s a super-speedy, cost-efficient playground for decentralized applications (dApps). At its core is the Lachesis Protocol, a consensus mechanism that’s like the turbocharger in a race car. This protocol supports multiple execution chains, with the native token, FTM, used for payments, governance, and staking rewards.
The Fantom Foundation
Dr. Ahn Byung Ik, a computer whiz, launched Fantom with operations in South Korea and incorporation in the Cayman Islands. Michael Kong, the CEO, is steering this ship towards the future of blockchain scalability and accessibility.
The Lachesis Protocol: Fantom’s Secret Sauce
What’s so special about Lachesis? It’s got four killer features:
- Asynchronous: Do your own thing! Participants can process commands whenever they want.
- Leaderless: No big boss here—everyone’s equal in block production.
- Byzantine Fault-Tolerant: Can handle up to one-third faulty nodes without breaking a sweat.
- Near-Instant Finality: Transactions confirmed in just 1-2 seconds. Blink and you’ll miss it!
Opera: The First Layer
Lachesis’ first layer is called Opera, an Ethereum Virtual Machine (EVM)-compatible smart contract platform. Launched in December 2019, it’s like Ethereum’s younger, faster cousin. It runs on Proof-of-Stake (PoS) and hosts a bunch of DeFi apps like SushiSwap and Curve.
DeFi and Partnerships
Fantom’s not just a lone wolf. In May 2019, it partnered with Binance Chain to boost cross-chain interoperability. This brought in new token standards and paved the way for integrating Ethereum apps on Opera by early 2021. Fantom versions of ERC-20 and BEP-2 tokens started popping up, making it a DeFi powerhouse.
Enter Andre Cronje
Yearn Finance founder Andre Cronje joined as a technical advisor and helped Fantom with its DeFi vision until March 2022. His contributions, like launching bridges to Ethereum, were game-changers, even if his departure caused some market turbulence.
Fantom Today
Despite the bumps, Fantom keeps chugging along, powering a whole ecosystem of dApps and integrations. It’s pushing the boundaries of what smart contracts can do, all while keeping things fast and affordable.
So, whether you’re a DeFi newbie or a seasoned pro, Fantom’s got the tools to make your crypto dreams come true. Stay froggy, my friends, and keep hopping towards those gains!
Links:
https://fantom.foundation/
https://t.me/Fantom_English
https://twitter.com/FantomFDN
https://discord.com/invite/STrtzvaUTe